Seems like Chief Minister Jagan Mohan Reddy led Andhra Pradesh Government is trying to bring down Margadarshi Chit Fund by hook or crook.For the past few months, the entire CID machinery is after Ramoji Rao and Margadarsi.
CID Chief repeatedly kept Pressmeets and tried to scare the subscribers about the company.But not even one subscriber came forward and complained about not getting back their money.
Even the court found fault with the CID‘s Pressmeets trying to scare the subscribers.
Now the Jagan Government has stooped to another level.
The Registrar of Chits today gave Full Page Ads in all major Newspapers warning the subscribers about Margadarshi.The idea seems to be scarying the subscribers to flood Margadarshi officers and demand their money back.
If such a scenario occurs, it will be impossible to settle money for all the subscribers at once and the company will collapse.
The public notice in newspapers also mentioned that the Andhra Pradesh registrar of chits had decided to tentatively wind up chit groups.
If there were any objections, the subscribers could write to it, said the registrar in the notice.
Meanwhile, Margadarsi said these allegations were imaginary, arbitrary, and perverse, and the that state government was pursuing a vendetta against the the Ramoji Group and the Eenadu newspaper.
Margadarsi, in response to the public notices, said the Andhra Pradesh government was pursuing a vendetta.
“Margadarsi Chit Fund Pvt Ltd is a renowned and trusted brand in the chit fund industry, with 108 branches across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu with meticulous functioning and unwavering financial discipline for over six decades,” said the company as part of a nine-page statement.
“The company, over 60 years, has serviced over 60 lakh subscribers and disbursed over ₹1 lakh crore as prize money,” it added.
“Pursuing its vendetta against the Ramoji Group and Eenadu, the largest Telugu circulated daily, the Andhra Pradesh government has initiated a direct attack through a constant persecution and witch-hunting against Margadarsi Chit fund Pvt Ltd, which also belongs to Ramoji Group, by levelling baseless and non-existing allegations of financial irregularities,” said the MCFPL Group.
In continuation of its malicious agenda, the government — through its registrars — has now issued an advertisement in the print media in the form of a notice to subscribers levelling the same imaginary, arbitrary, and perverse allegations, said the statement.
The case
Margadarsi Chit Fund Pvt Ltd (MCFPL) was founded by Cherukuri Ramoji Rao in October 1962, and is considered one of the largest chit fund companies in the country, with around 108 branches operating in four states: Andhra Pradesh, Telangana, Tamil Nadu, and Karnataka.MCFPL has more than 4,000 employees and 3 lakh subscribers.
The CID estimates the turnover of the Margadarsi Group in Andhra Pradesh and Telangana to be ₹9,677 crore.
It was in March that CID registered multiple FIRs across the state in the alleged chit-fund fraud committed by the Ramoji Group-owned MCFPL and launched an investigation.
The CID, named Ramoji Rao, his daughter-in-law and MCPL Managing Director Sailaja Cherukuri, and branch managers in the FIRs.
Acting on complaints by the assistant registrars of chits, the FIRs were lodged in Visakhapatnam, Kakinada, Eluru, Vijayawada, Guntur, Palnadu, Kurnool, and Ananthapuramu.
The FIRs were registered under Sections 120(B), 409, 420, and 477(A), read with Section 34 of the Indian Penal Code.
They also invoked Section 5 of the Andhra Pradesh Protection of Depositors in Financial Establishments Act of 1999, and Sections 76 and 79 of the Chit Funds Act of 1982.
The Eenadu Group and its founder Ramoji Rao have often been criticised by YSRCP supremo and Andhra Chief Minister YS Jagan Mohan Reddy.
Jaga has often alleged that a gang of four (Dushta Chatustayam), including Ramoji Rao, was trying to destabilise his government to aid the N Chandrababu Naidu-led TDP’s return to power.
Margadarsi, in response to the public notices, said the Andhra Pradesh government was pursuing a vendetta.
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“Margadarsi Chit Fund Pvt Ltd is a renowned and trusted brand in the chit fund industry, with 108 branches across Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu with meticulous functioning and unwavering financial discipline for over six decades,” said the company as part of a nine-page statement.
“The company, over 60 years, has serviced over 60 lakh subscribers and disbursed over ₹1 lakh crore as prize money,” it added.
“Pursuing its vendetta against the Ramoji Group and Eenadu, the largest Telugu circulated daily, the Andhra Pradesh government has initiated a direct attack through a constant persecution and witch-hunting against Margadarsi Chit fund Pvt Ltd, which also belongs to Ramoji Group, by levelling baseless and non-existing allegations of financial irregularities,” said the MCFPL Group.
In continuation of its malicious agenda, the government — through its registrars — has now issued an advertisement in the print media in the form of a notice to subscribers levelling the same imaginary, arbitrary, and perverse allegations, said the statement.
